Mod 32 Agency Flashcards Preview

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Flashcards in Mod 32 Agency Deck (51):
1

Minors can...

Minors can be agents

2

3 parties who are all considered agents

1 partners

2 corporate officers

3 employees

3

Agency requires...2

1 requires meeting of the minds

2 does not require consideration

4

Power of attorney

Written authorization of agency

5

Power of attorney need only...2

1 Need only be signed by principal

2 not agent

6

With power of attorney the agent does...

Does not have to be an attorney at law

7

Power of attorney usually limits...

Limits agent's authority to specific transactions

8

2 agencies that require writing

1 agencies to buy land

2 agencies impossible to perform in 1 year

9

Most agencies are terminable...

Are terminable at will

10

Most agencies are terminable at will, but if you breach a contract...

You must pay damages

11

Termination by law: following 4 terminate agency immediately

1 death or insanity of either party
2 bankruptcy of principal
3 loss or destruction of essential subject to agency
4 failure to have or loss of a required license

12

Bankruptcy of an agent...

Does not end the agency

13

Agency coupled with an interest 2

1 P makes A an agent

2 solely to pay debt P owes to A

14

Under, Agency coupled with an interest, how is it terminated?

P cannot terminate this agency, only A can

15

Death or insanity does not end...

Agency coupled with an interest

16

Termination of Agency:

If A is terminated, P must...2

1 give actual notice to old customers and

2 publish notice to new ones

17

2 types of authority

1 real authority

2 actual authority

18

Real or actual authority may be...

Express or implied

19

Express authority

P tells A he's authorized

20

Implied authority

Authority necessary to do assigned tasks

21

Apparent authority or agency by estoppels

A appears authorized (was it reasonable to believe A was authorized)

22

Liability for contracts:

P is liable for...

all authorized contracts made by A on his behalf

23

P is not authorized for unauthorized contracts unless...

P ratifies

24

3 requirements for P to ratify

1 P must know all material facts to ratify
2 if P accepts the benefits of the deal he's ratified
3 for P to ratify, A must indicate he was making contract on behalf
Of P

25

Once P ratifies...

3rd parties are stuck with the deal

26

A is liable for...

All unauthorized contracts

27

A is not liable for...

Authorized deals unless acting for an undisclosed principal

28

Undisclosed principal

A makes contract in his own name while really acting for a secret
P

29

Undisclosed principal:

Actual authority of A

2) Apparent authority of A

A has same actual authority as agent for disclosed principal

2) A cannot have apparent authority

30

Undisclosed principal:

If there is a breach...

Both P and A are liable

31

3rd party cannot...

Cannot get out of a deal because of undisclosed P

32

Respondent Superior

Liability for Torts

33

Liability for Torts:

P is responsible for...

All torts committed by A while acting in scope of agency

34

Liability of Torts:

P isn't liable for...

Isn't liable for torts of independent contractors

35

P isn't liable for torts of independent contractors

Not subject to the same control

36

Liability of Torts:

P is liable even if...

Agent's tort was flagrant disregard of instructions

37

Liability of Torts:

A is liable for the tort even if...

Committed at P's direction or order

38

Liability of Torts:

Employees injured in scope of employment...

Collect Worker's comp even if negligent

39

Duties of Principal and Agent:

P owes the following duties to A, what is the neumonic?

ICE

40

Duties of Principal and Agent:

P owes the following duties to A, what does ICE stand for?

1 Indemnify
2 Compensate
3 Expenses

41

Duties of Principal and Agent: P owes the following duties to A

I

Duty to Indemnify A for losses incurred while acting for P

42

Duties of Principal and Agent: P owes the following duties to A

C

Duty to Compensate A (Must keep records)

43

Duties of Principal and Agent: P owes the following duties to A

E

Duty to reimburse A for Expenses

44

Duties of Principal and Agent:

A owes the following duties to P, what is the neumonic?

DIAL-O

45

Duties of Principal and Agent: A owes the following duties to P

What does DIAL-O stand for?

1 Due care
2 Inform
3 Account
4 Loyalty
5 Obedience

46

Duties of Principal and Agent: A owes the following duties to P (DIAL-O):

D

Duty of Due care

47

Duties of Principal and Agent: A owes the following duties to P (DIAL-O):

I

Duty to Inform P of all relevant facts

48

Duties of Principal and Agent: A owes the following duties to P (DIAL-O):

A

Duty to Account for money received or spent (must keep records)

49

Duties of Principal and Agent: A owes the following duties to P (DIAL-O):

L

Fiduciary duty of Loyalty- must act solely in P's best interest

50

Duties of Principal and Agent: A owes the following duties to P (DIAL-O):

O

Duty of Obedience, must follow P's reasonable instructions

51

Agent

Anyone authorized to act on behalf of another

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